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Morfitt & Turnbull

Issue 2   

Mulligan's Revenge!

The second edition of Morfitt’s Mailshot is here and already the wise decision to ensure my mugshot does not appear in consecutive issues has been taken! I thought it only fair, therefore, that I exacted a little jovial “revenge” by getting everyone else in the team in a photo - it also helps you to put faces to the names from the who’s who in the Staff Matters section of the first issue - so here we all are:

All the staff

Back row (L to R): Stuart Tabeart, Adam Longsden, Martyn Mulligan, Philip Brierley, Martin Hilton
Middle row (L to R): Annie Wong, Charlotte Roberts.   Front row (L ro R): Pauline Shaw, Gareth Shaw, Bev Owen

A very Merry Christmas to everyone from all of the team!!!

Thanks also for the positive feedback from the first issue and we welcome your ongoing comments and thoughts.


Use it or LOSE it!
The 'carry forward' rules for pensions are ones that affect the fortunate people who have the ability to make large, tax efficient payments into pensions. The rules are that from 6th April 2011 you may carry forward the maximum contribution entitlement, called the 'annual allowance' from the previous 3 tax years to allow a contribution in the current year above £50,000.

As we approach 6th April 2012 it means that any allowance from the 2008/09 tax year that can be carried forward only applies for this tax year. If you think you or clients or friends need to consider this then let us know and we’ll help you work out if there is scope for a payment before the end of this tax year.

In addition to the above, Her Majesty’s Revenue & Customs (“HMRC”) have given a rare snippet of positive news in that they have relaxed the rules regarding how carry forward operates.

When they first came in the rules stated that if payments in those previous 3 tax years were higher than £50,000 it ate into the allowance for the other years. I’m sure this could sound confusing so let’s give you an example of how it worked before and how that has now changed with the relaxation:

Tax Year Previous Rules New Rules
payment in
used up by 2010 payment
left over
payment in
used up by 2010 payment
left over
2008/09 £10,000 £40,000 £0 £10,000 £0 £40,000
2009/10 £10,000 £40,000 £0 £10,000 £0 £40,000
2010/11  £130,000 £50,000 £0 £130,000 £50,000 £0
Amount carried forward to 2011/12    £0   £80,000

Also remember that pension contributions made personally gain valuable basic rate and higher rate tax relief, where applicable, and reduce any Corporation Tax liabilities for company contributions!

Adam’s Technical... 
Junior Individual Savings Accounts
Adam’s focus this time around is looking at saving for children - please read on...

The Junior Individual Savings Account (“JISA”) is the government’s new initiative to help people save for their children’s future.

The JISA has to be set up by a parent or guardian on behalf of the child and once this has been done any relative or friend can invest into it. A total of £3,600 per tax year may be invested either as a lump sum or by regular payments in. This maximum limit will be increased in line with the Consumer Prices Index from 6th April 2013.

The money within the JISA cannot be accessed by the child until age 18. This gives an opportunity to earmark the fund for a specific purpose, e.g. university fees, house deposit - or both - depending on the accumulated fund value.

Any child who is under age 18 and born before 1st September 2002 or after 2nd January 2011 may invest. If Child Benefit was received between these dates then a Child Trust Fund will have been set up and it is not possible to invest in a JISA. In order to check whether a Child Trust Fund is in place please call the helpline on 0845 302 1470.

The JISA has all of the tax benefits of ISAs in that they are free from Income Tax (except the 10% tax credit on dividends) and Capital Gains Tax. The JISA can be excluded from tax returns.

To benefit from this tax year’s allowance, any investment must be made by 5th April 2012. If you wish to invest or require any further information please contact us.

Gareth Says... 
Life Settlement Funds
Staff Matters
Following on from the festive greetings and best wishes to all of you, the M&T office will be closed, with the team indulging in the tradition of eating and drinking far too much, as follows:

Close: 12.30pm Friday 23rd December 2011
Reopen: 8.30am Tuesday 3rd January 2012


We look forward to seeing, speaking and working with you in 2012!

In this issue Gareth focuses on an area of investment that is causing a stir in the financial press...

Some of you may have read that the Meteor/EEA fund has recently suspended dealing due to liquidity issues - with hindsight it was prudent to exit for those who were invested, when the first black clouds appeared on the horizon! I wish both companies well.



No. 1 Booths Park, Chelford Road, Knutsford, WA16 8GS
Tel: 01565 624 370   Email: 

Morfitt and Turnbull (Management Services) Limited 
Authorised and Regulated by the Financial Services Authority.
Registered Number 740613 England

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